The Federal Government has a rare opportunity to deliver significant reforms and should take a holistic approach in responding to a suite of recommendations in the Quality of Advice review, industry groups say in a joint letter to Financial Services Minister Stephen Jones.

The final report, completed by reviewer Michelle Levy and delivered to the Government on December 16, is expected to recommend substantial changes, based on proposals outlined in consultations.

“Australian consumers will be left behind without the adoption of a holistic package of reforms,” the letter from the Joint Association Working Group says. “The reforms must extend beyond easy wins such as streamlining fee disclosure requirements and iron-out obligations like the design and distribution obligations.”

The letter’s signatories include the Association of Financial Advisers, Financial Planning Association of Australia, Financial Services Council, Institute of Public Accountants, Financial Services Institute of Australasia (FINSIA), Boutique Financial Planning Principals Association and The Advisers Association.

“The government should commit to implementation timeframes that would see consultation with industry on a holistic package of reforms that are introduced into the Parliament this year,” the letter says.

Ms Levy said in a consultation paper last year that substantial change was needed. Proposals for feedback included replacing the “best interests duty” with an obligation to provide “good advice”. Personal advice would apply more broadly, but with a reduced compliance burden, while general advice wouldn’t be regulated as a financial service.

“We look forward to the release of the final report,” the letter says. “Following its release we would welcome the opportunity to meet to discuss how the government can improve the financial wellbeing of all Australians by ensuring they have access to quality financial advice.”

Mr Jones was quoted in the Australian Financial Review as saying that the review contains “some obvious and easy wins, and other things that are much more challenging”.